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Erbil to receive $17.5 bln from 2015 Iraqi oil budget

1/18/2015

Erbil to receive $17.5 bln from 2015 Iraqi oil budget

The Kurdish Regional Government will receive $17.5 billion out of the expected $130 billion of the 2015 Iraqi oil budget, a Kurdish official said.

"Iraq's daily export of 3,200 million barrels of oil is expected to make up $130 billion budget of $17.5 billion will be given to the KRG," the vice president of the energy commission of the Kurdish Regional Government, Dilshad Shaban, told The Anadolu Agency.

According to the latest agreement between the KRG and the central government, the Kurdish region will export 250,000 barrels of oil per day and its Kirkuk province 300,000 barrels per day, while Baghdad will allocate 17 percent of the Iraqi oil budget to the the Kurdish region.

Shaban said there would be more wells in the future in Kirkuk to be able to export more oil. "We agreed on the subject with an English company," he added without naming it.

Iraq's 2014 oil budget was supposed to stand at $150 billion but oil exports ceased in northern Iraq due to attacks by Islamic state of Iraq and the Levant militants.

Kirkuk Mayor Necmeddin Kerim claimed that the KRG would not able to export 300,000 barrels of oil per day due to the destruction of the pipelines.

"Oil is under the control of the Kurdish Ministry of Natural Resources, it is not a question for the Kirkuk mayor. The Kurdistan Regional Government can export the abovementioned amount, and the recently produced amount is already higher than 300,000 barrels."

PNA

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